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Shares of State Street Corporation
STT surged today after the company reported its financial results.
The stock has climbed nearly 5% to $39.20 per share in afternoon trading. Analysts covering the stock have a consensus price target of $53.82 per share.
Although the results were in line with Wall Street estimates and the company's 2010 outlook remained unchanged, State Street Corporation (
STT) benefited from solid revenue growth and a swing to profitability from last year's loss, which was attributed to a multibillion dollar charge.
The company reported before the market opened that it swung to a 2nd quarter profit of $432 million, or 87 cents per share, from a loss of $3.3 billion, or $7.12 per share, during the same quarter a year earlier.
Excluding special items, State Street earned 93 cents per share.
Revenue rose to $2.3 billion, up from $2.12 billion a year earlier.
A survey of analysts by Thomson Reuters showed an average analyst estimate of expected earnings of 93 cents per share for STT, on revenue of $2.25 billion.
Boston, Massachusetts based State Street Corporation provides a variety of financial services to to institutional investors through its subsidiaries.
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from Benzinga's Company news.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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